Fintech startup Flux partners with Barclays for itemised receipts

Nov 13, 2017 · techcrunch.com

Flux, the London fintech startup founded by former early employees at Revolut, has announced a partnership with Barclays in the U.K. that will see it trial its itemised receipt technology with 10,000 of the bank’s customers.

The young company has built a software platform that bridges the gap between the itemised receipt data captured by a merchant’s point-of-sale (POS) system and what little information typically shows up on your bank statement or mobile banking app.

A quick reminder of how Flux works: Once you have switched on the functionality in your banking app, instead of only seeing the total transaction cost for each purchase in your statement, if you spend at one of Flux’s partner merchants you can see a full item-level breakdown.

This extra captured data can also potentially do other useful things, such as power rewards programs, or help you understand your spending better with, for example, much more granular categories e.g. what did I spend on coffee this week, not how much did I spend eating out.

Flux says that Barclays customers taking part in the trial through the Barclays Launchpad app will see their receipts in real time, including all purchases, with VAT, delivered directly to the app.